Novice FX trader needing help..

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Hi All,

6 Months in and I'm in love with FX. I've done a lot of homework studying but where I am lost is strategies. I could just use a simple 123 or ABC setup I performed on stocks, but I'm looking for something different that could net me 100-150 pips per week. I'm not expecting the holy grail just help finding a solid strategy based on the Australian time line or the London open.

Can anyone assist?

 

Hey gtech,

From your question, I'm assuming that you are in Australia.

I myself live in NSW and the methods that I am trading average around 200 pips per week.

The hardest thing I found with trading the Asian and European sessions is that a lot of literature is based around trading USD with high volatility and low spreads. Given that for me, the New York market is open from about 1am to 9am local time, this is not convenient. So I decided to look at what currencies are likely to be traded the most in the times that I can watch the market. For me this logically comes down to the currencies of the particular markets that are open so for Asian and European markets ie. Sydney = AUD, Tokyo = JPY, Frankfurt = EUR and London = GBP.

Personally, I only trade one currency pair which is EUR/JPY. This has some great movement through Asian and European sessions as well as movement in New York session as both EUR/USD and USD/JPY trading affect the movement.

 

I read through your Blog, I too am 30 years of age and live in NSW. What a coincidence...

Back to trading.. I find it difficult to focus on just one pair, maybe that's the reason why I'm finding it so difficult. I find that I get lost in forums reading all different strategies looking for the Holy Grail which I know doesn't exists.

What are the best times to trade the EUR/JPY? What strategy to you employ in your trading?

 

best time generally for EUR/JPY I find is during the European sessions which works ok for me as that is after I finish work for the day.

I work in IT, so I can keep a bit of an eye on the charts during asia too as there are some decent moves there as well.

It's a hard question to answer in some respects because it is also influenced by the EUR/USD and USD/JPY pairs so if there's a lot of buying or selling on one of those it will also translate into movement on the EUR/JPY. That is why I find that I can pretty much trade just the one currency pair anad make a fair few pips.

 
gtech4au:
Hi All, 6 Months in and I'm in love with FX. I've done a lot of homework studying but where I am lost is strategies. I could just use a simple 123 or ABC setup I performed on stocks, but I'm looking for something different that could net me 100-150 pips per week. I'm not expecting the holy grail just help finding a solid strategy based on the Australian time line or the London open. Can anyone assist?

You have great learning tools from brokers, you can check the one your broker offers.

 

This is one reason why i use my brokers educational program to the fullest. Profiforex has a great learning program, like psychology, how to make profit, these tools are really helpful. If we must succeed, we must learn well.

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